On 20th January 2020, the UK hosted the UK-Africa Investment Summit in London, sponsored by Standard Bank, Africa’s largest banking group by assets.
The Summit was intended to create new lasting partnerships between the UK and Africa to deliver more investment, jobs, and growth, as the UK aims to be the new partner of choice of the continent.
Hosted by Prime Minister Boris Johnson, the event brought together businesses, governments, and international institutions to showcase and promote the breadth and quality of investment opportunities across Africa.
Johnson commented: “More than half the world’s fastest-growing economies are in Africa. Africa is the future and the UK has a huge and active role to play in that future.”
In the lead up to the Summit, GBP 6.5 billion of commercial deals have already been signed by British companies to deliver jobs, growth, and investment across the UK and Africa.
The Summit also managed to highlight concrete viable investment opportunities in Africa, like off-grid solar power generation.
A report by Kleos Advisory, published during the event, estimates that the commercial opportunity from off-grid solar panels could generate about USD 24 billion a year, given the collapse in the cost of solar panel technologies and the emergence of mobile banking and affordable financing in the continent.
Commenting on the sponsorship of the Summit, Sola David-Borha, Chief Executive Africa Regions of Standard Bank, said: “Africa is home to many fast-growing economies and businesses, and it is very positive to see the recognition of the huge potential for UK companies and investors.”
UK & AFRICA
The UK is strengthening its economic partnerships with African nations, as part of a Government drive to ensure the continent’s growing demand for investment is met by the UK’s expertise and innovation.
Programs from the Department for International Development (DFID) and the Department for International Trade (DIT), totaling GBP 57 million in value, will boost clean energy supplies, digital networks, and jobs and business opportunities for women, as well as improving trade infrastructure.
